• Betting guides
  • Featured

6 ways cryptocurrency is making sports betting more secure

FootballMoney
Getty Images
Advertisement

The popularity of sports betting and cryptocurrency comes as no surprise to anyone.

Moreover, crypto and sports betting are moving boundaries with their immediate impact. There’s still a lot of education that needs to occur to keep the industry safe. However, cryptocurrencies are paving way for increased security in this area. Here are the reasons behind their popularity and security.

No wagering limits

One of the most common complaints about traditional sports book sites is that they don’t allow any big wagers. This is a way of hedging their bets and ensuring they don’t lose a lot of money on one large wager. Cryptocurrency sports books usually have no limits on how much you can bet. Thus, giving you the freedom to make large bets with crypto sports betting.

Anonymity

Using cryptocurrencies like Bitcoin or Ethereum means that you can place bets without giving up any personal information. There is no reason why you need to give out your address, phone number or even a real name when placing bets online. This is incredibly important when worrying about getting caught placing bets. Moreover, there is encryption of all personal data for further protection.

Acceptance of US players

US players have been having a hard time with betting sites that accept them. This is because of the enactment of the UI GEA laws in 2006. These laws make it difficult for US players to use credit cards and bank accounts to fund their online gambling accounts. However, cryptocurrency can solve this problem. This is because cryptocurrency sports books don’t fall under government regulation.

Centralized currency exchange

A third party holds your funds when using a centralized exchange. It acts as a middleman when handling trades on behalf of users. The funds are not likely to be lost. However, there have been cases where exchanges have been hacked, and user funds have been stolen. It’s best to store your cryptocurrency in a wallet that you control and transfer funds. This protects from any theft.

Easy access to winning profits.

Cryptocurrency allows players to access their winnings quickly and easily. Using blockchain technology, you can make transactions anonymously and instantly with no different fee than what you would pay if you used a credit card. Many sites enable instant withdrawals. Hence, players don’t have to wait for their winnings. Withdrawal limits vary from operator to operator. They are usually higher than those offered by fiat currencies.

No chargebacks

Most online gambling payments are usually through via credit cards or bank transfers. However, this comes with a risk. Most credit card companies do not allow chargebacks for gambling transactions. However, with cryptocurrencies, there is no such risk. There is no central authority involved in making the transaction. The whole process happens on the blockchain ledger. Thus, it reduces any tampering by anyone.

The big takeaway from all this is that cryptocurrency is helping reshape the sports betting industry. This is due largely to the unique nature of these currencies. Also, players can expect to see a heightened level of transparency and security at all levels of the transaction. It is possible that cryptocurrency could have a large impact on the broader sports betting industry.

x